London, United Kingdom — The Department for Business and Trade (DBT), working in conjunction with Companies House, has streamlined the Public Limited Company (PLC) registration process, specifically benefiting “Deep Tech” startups in Artificial Intelligence, Biotechnology, and Space Technology sectors.
Key Changes
Previously, PLC applicants needed to demonstrate a minimum allotted share capital of £50,000 (of which at least 25% must be paid up at incorporation). Under the new “Innovation Fast Track” pilot:
- Deferred Capital Requirement: Verified deep-tech startups may defer the paid-up share capital requirement for 12 months if they hold a letter of intent from a recognised UK incubator (e.g., Innovate UK, Wayra, or Seedcamp).
- Expedited Incorporation: Companies House now targets a 24-hour turnaround for PLC registrations in qualifying sectors, allowing founders to open UK business bank accounts and secure office space immediately.
Eligibility
To qualify, startups must submit a proprietary technology assessment or a UK patent registration to Companies House at the point of application. This initiative aims to attract high-value intellectual property and deep-tech talent to the United Kingdom.